Ethena says Binance PnL exposure is about $8.8M, well below reserve fund
- —Ethena's unrealized Binance PnL exposure is about $8.8M
- —The project's reserve fund exceeds $60M
- —Collateral is held with off-exchange custodians, not on Binance
- —External reserve attestation is expected within hours
Why it matters: The disclosure suggests a possible Binance breach has limited impact on Ethena, reducing the risk of cascading losses in DeFi.
Source: PANews